Forex Calendar

Daily FX Update

Entering today’s risk laden session most asset classes are relatively stable. Equities are vaguely weaker, the US 10‐year yield is trading at 2.7%, the USD is mixed and gold is soft.

Central European Daily

Finally, the End of the NBH rate cut cycle? The National Bank of Hungary cut base rate by 10bp from 2.6% to 2.5% in line with the expectation.

The Global Macro Pulse

USDJPY took a dip to 102.40 before BoJ decision and has been unchanged post BoJ, EUR was flat at 1.381 ahead of today’s flash CPI release.

UBS Morning Adviser

No change to the QQE target The Bank of Japan’s overnight decision reaffirmed the existing policy stance,

FI Eye-Opener: Bumps ahead for bonds

Shorter German bonds rallied yesterday on the back of soft German inflation numbers (see more below), while longer yields ended with rather small changes, as did US yields.

FX Daily

The FOMC meeting tonight should provide few surprises as the Fed tapersanother USD10bn of asset purchases.

Daily FX Update

Market is favouring risk leading into the NA open, with strong equities and a weak USD; CAD is the star performer, up 0.5% since yesterday’s close.

Modest sanctions against Russia brings relief for markets The NBH base interest rate to fall to new lows at 2.5% Although yesterday, U.S. President Obama and EU announced new sanctions against some Russians to

The Global Macro Pulse

The EUR has climbed steadily to 1.386, back near to its NY high of 1.388. USDJPY is flat at 102.5 with little onshore activity due to a public holiday.

UBS Morning Adviser

Eurozone inflation release and its currency implications Falling inflation in Europe has become the primary focus in EUR as the market speculates potential ECB QE.

FX Daily

In the euro-area a number of interesting data are due for release. Germany releasesCPI for April, starting with the first Länder CPI at 09:00 CET (Saxony).

FI Eye-Opener: Eonia continues to surge higher

Bond yields rose yesterday on both sides of the Atlantic, more so in the US than in the Euro zone. Curves saw some steepening pressure. Intra-Euro-zone bond spreads mostly widened.